Arkham Says Bitwise Bought $20 Million of HYPE

Blockchain analytics firm Arkham Intelligence said Bitwise bought $20 million of Hyperliquid's HYPE token in a single day, highlighting what it described as rising institutional exposure to select altcoins.

Arkham wrote on X on June 1 that Bitwise is buying HYPE.

Bitwise ETF clients bought a combined $41.8 million of HYPE last week, Arkham said. The firm added that Bitwise has staked a total of $55 million worth of HYPE so far.

Arkham also highlighted the performance of BHYP, Bitwise's HYPE-related product. "If you bought BHYP at launch two weeks ago, you would have outperformed holding the S&P 500 over the past two years," it wrote.

HYPE is the main token of the Hyperliquid ecosystem, a decentralized derivatives exchange. Recent institutional inflows and staking demand have drawn attention to its relative strength among major altcoins.